Sharon earned $460 in simple interest on an investment of $6200. Some of the money earned an interest rate of 5% and the rest earned 8%. Her average rate of interest was 7.4%. How much did she invest at each rate?

NoobGuest Jun 19, 2019

#1**0 **

amount at 5% = x

amaount at 8% = 6200-x

x(.05) + (6200-x)(.08) = 460

.05x + 496- .08x = 460

-.03x = -36

x = $1200 at 5%

6200-1200 = $ 5000 at 8%

ElectricPavlov Jun 19, 2019

#1**0 **

Best Answer

amount at 5% = x

amaount at 8% = 6200-x

x(.05) + (6200-x)(.08) = 460

.05x + 496- .08x = 460

-.03x = -36

x = $1200 at 5%

6200-1200 = $ 5000 at 8%

ElectricPavlov Jun 19, 2019